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The asymmetric information content of REIT IPOs.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	The asymmetric information content of REIT IPOs./
Author:	Steele, Dennis Franklin, Jr.
Description:	1 online resource (143 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 71-07, Section: A.
Contained By:	Dissertations Abstracts International71-07A.
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9781109516890

The asymmetric information content of REIT IPOs.
Steele, Dennis Franklin, Jr.

The asymmetric information content of REIT IPOs. - 1 online resource (143 pages)

Source: Dissertations Abstracts International, Volume: 71-07, Section: A.

Thesis (Ph.D.)--Mississippi State University, 2009.

Includes bibliographical references

This study examines asymmetric information content of REIT IPOs as compared to that of industrial IPOs matched by similar asset size, underwriter reputation ranking, and partial adjustment of the offer-price from the midpoint of the original file range. The asymmetric information level is proxied by the relative bid-ask spread (RELSPREAD), adverse selection component of Glosten and Harris (GH, 1988), and the adverse selection component of Lin, Sanger, and Booth (LSB, 1995). All three measures are estimated over 45- and 60-day windows. Using a sample of 78 equity REIT IPOs and 123 Industrial IPOs for the period of January 1, 1993 to December 31, 2007, the results indicate that REIT IPOs have less asymmetric information content as compared to mature industrial firms. All results control for leverage, beginning assets size, issue proceeds, underpricing, partial adjustment, number of IPOs within the same year, venture capital backing, underwriter reputation, average daily volume, average daily price, specialist's inventory risk, and the turnover ratio. The results also control for the Nasdaq and NYSE rule change of minimum tick increments from 1/8th to 1/16th on June 2, 1997, and June 24, 1997, respectively. The findings provide strong support for the hypothesis that REIT IPOs have less asymmetric information content than non-REIT IPOs. Key words: REIT IPO, bid-ask spread, asymmetric information, adverse selection cost, initial public offerings.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9781109516890Subjects--Topical Terms:

559073
Finance.
Subjects--Index Terms:

Adverse selection costIndex Terms--Genre/Form:

554714
Electronic books.

The asymmetric information content of REIT IPOs.
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500 $a Source: Dissertations Abstracts International, Volume: 71-07, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Highfield, Michael J.
502 $a Thesis (Ph.D.)--Mississippi State University, 2009.
504 $a Includes bibliographical references
520 $a This study examines asymmetric information content of REIT IPOs as compared to that of industrial IPOs matched by similar asset size, underwriter reputation ranking, and partial adjustment of the offer-price from the midpoint of the original file range. The asymmetric information level is proxied by the relative bid-ask spread (RELSPREAD), adverse selection component of Glosten and Harris (GH, 1988), and the adverse selection component of Lin, Sanger, and Booth (LSB, 1995). All three measures are estimated over 45- and 60-day windows. Using a sample of 78 equity REIT IPOs and 123 Industrial IPOs for the period of January 1, 1993 to December 31, 2007, the results indicate that REIT IPOs have less asymmetric information content as compared to mature industrial firms. All results control for leverage, beginning assets size, issue proceeds, underpricing, partial adjustment, number of IPOs within the same year, venture capital backing, underwriter reputation, average daily volume, average daily price, specialist's inventory risk, and the turnover ratio. The results also control for the Nasdaq and NYSE rule change of minimum tick increments from 1/8th to 1/16th on June 2, 1997, and June 24, 1997, respectively. The findings provide strong support for the hypothesis that REIT IPOs have less asymmetric information content than non-REIT IPOs. Key words: REIT IPO, bid-ask spread, asymmetric information, adverse selection cost, initial public offerings.
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653 $a Adverse selection cost
653 $a Asymmetric information
653 $a Bid-ask spread
653 $a Initial public offerings
653 $a REIT IPO
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